HomeNewsIDCZ seeks $7m for cotton factory

IDCZ seeks $7m for cotton factory

-

Industrial Development Corporation of Zimbabwe Limited subsidiary Sunway City (Pvt) Ltd on Thursday said it required at least $7 million for the construction of a spinning cotton factory at its industrial park.

Sunway City managing director Tendai Kapumha said the factory would be constructed adjacent to the weaving company to integrate processes.

“We want to do beneficiation, increase revenue, create jobs and raise taxes for the government along the way. The complex was suspended due to liquidity challenges that were being faced by the country in 2006,” he said.

Kapumha said the construction of the cotton factory began in 2002 and the Reserve Bank of Zimbabwe was the major funding partner for the project, but funds had since dried up.

“We have other building materials for the factory, but we now need some more capital injection to finish the factory,” he said.

He said they were targeting the cotton sector as it was now showing some signs of growth.

IDCZ public relations advisor Derek Sibanda said $93 million was required for the company to complete infrastructural development and servicing of stands in the industrial park.

Sibanda said the company was courting Chinese investors to fund and partner some of the projects at the industrial park.

“In an endeavour to accelerate development of the integrated industrial park, discussions with potential Chinese investors are at an advanced stage.

“Furthermore, the company has secured from the shareholder $1,5 million to complete waterworks and service a low-density residential phase,” he said.

The park has four companies operating that include a bleached cotton company, an animal and public health company, chrome company and national oil company.

The company has so far used up 15% of the land in the industrial park and is yet to start construction in the other parts of the park.

Sunway City’s residential area in the park has 225 low-density stands, with 105 owned by the government through the Ministry of Housing and Infrastructure Development.

Previous articleWeekend Outing
Next article. . . what they said

Recent Posts

Stories you will enjoy

Recommended reading